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Oil prices rise more than 2% as Israel steps up incursion into Lebanon

Posted on June 1, 2026
By Business News Today
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1 min read

Oil prices rise more than 2% as Israel steps up incursion into Lebanon

Oil prices surged over 2% as intensified fighting between Israel and Hezbollah in Lebanon overshadowed hopes for a ceasefire extension with Iran. Stepped-up conflict, despite a prior truce, dimmed expectations for a deal, while concerns over mines in the Strait of Hormuz further tightened supply outlooks.